After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next

in Project HOPE • 4 years ago

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"In China, the fear of missing out (FOMO) has surpassed the fear of losing money," said Yang, adding that many Chinese have been trading US stocks since the lock began in 2020, using platforms such as FutuBull and Forex.com.

They often jokingly refer to themselves as 'onions', a common vegetable in China, 'harvested' when they think their money has been 'stolen' by much larger players in the traditional stock market.

He told CoinDesk that many friends and family in China have been asking him for the past two days which tokens they should buy.

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#cryptocoin #fomo #china #stock #token
4 years ago in Project HOPE by
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     4 years ago 

    I agree with Yang's assessment on the FOMO vs, FOLM (Fear of losing Money), although I dont think its only in China, I think its worldwide, and the stories like the GME "new millionarie" who rised up to 40+M with his GME shares, is inspiring other persons to also want to "hit the jackpot" with little to no effort...(not that the person who raked that money didnt do any efforts) and I say this last part, because most retail traders are not investing time in really analyzing the markets, stocks, etc, they are only using "market influencer" perceptions or opinions, and/or moving with a larger community to what everyone is mentioning.

    It also show the need, which is global, to belong something bigger or larger than themselves, and the internet provides such communities.

    Anyway thats my 2 cents...

    thanks

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       4 years ago 

      Never apply this rule in investing!

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         4 years ago 

        Agreed - Unfortunately it is becoming more and more "normal" for people to invest without doing their due diligence. And with more and more "pop-ups" that are constantly reminding them of how any given stock rose like foam triple digit percentages, they are lured to it. If you add to this, the factor of certain informal leaders that talk about doing it, they just go ahead and do invest for the wrong reasons.

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